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Sarasota Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as...

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Accounting

Sarasota Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of 48 tents purchased in February at a cost of $208 each and 101 tents purchased in March at a cost of $228 each. During April, the company had the following purchases and sales of tents:

Purchases Sales
Date Units Unit Cost Units Unit Price
Apr. 3 71 $425
10 190 $280
17 261 425
24 287 286
30 208 425

a)Determine the cost of goods sold and the cost of the ending inventory using FIFO.

Cost of goods sold $
Cost of the ending inventory $

b)Determine the cost of goods sold and the cost of the ending inventory using Average Cost Method

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